Five-year review

US$'000		2021	2020	2019	2018	2017
Revenue^∆‡		4 109 463	4 214 421	4 332 381	3 923 715	3 861 991
	Continuing operations^∆‡	4 093 051	4 191 167	4 277 186	3 881 547	3 859 775
	Revenue from acquisitions^∆	16 412	23 254	55 195	42 168	2 216
Operating profit before interest, tax, depreciation and amortisation ("EBITDA")^∆		118 632	158 657	86 761	26 697	29 041
Operating profit/(loss) before goodwill, investment and intangible asset adjustment/impairment^∆		49 973	82 537	48 423	(24 866)	(23 289)
Westcon International^∆		22 215	18 972	(4 226)	(71 822)	(61 102)
	Logicalis^∆	40 265	72 287	65 949	59 483	52 017
	Corporate, Management Consulting and Financial Services	(12 507)	(8 722)	(13 300)	(12 527)	(14 204)
Profit/(loss) before taxation^∆		25 244	58 488	24 215	(99 352)	(31 789)
Profit/(loss) for the year from continuing operations^∆		5 704	26 679	3 256	(117 817)	(53 031)
Profit for the year from discontinued operations^∆		–	1 332	11 694	159 608	63 780
Profit after taxation		5 704	28 011	14 950	41 791	10 749
Attributable profit^∆		2 601	14 239	13 134	44 359	3 038

Headline profit/(loss)^∆		3 556	12 491	1 658	(41 337)	4 293
Capital distribution and dividends to shareholders		–	(12 167)	–	(244 193)	(20 949)

Non-current assets		554 690	512 598	437 786	417 370	786 361
Current assets		2 242 568	2 083 928	2 284 521	2 244 228	2 698 539
Equity attributable to equity holders of the parent		583 156	572 315	648 927	721 603	854 986
Non-controlling interests		57 465	70 778	63 303	69 217	51 889
Non-current liabilities		176 624	187 610	100 805	120 685	127 056
Current liabilities		1 980 013	1 765 823	1 909 272	1 750 093	2 450 969

Net cash inflow/(outflow) from operating activities		172 009	147 656	8 025	(50 605)	(105 884)
Net cash (outflow)/inflow from investing activities		(34 199)	(30 966)	(59 286)	683 187	(69 673)
Net cash inflow/(outflow) from financing activities^		14 945	108 854	(54 584)	(175 487)	(3 527)
Cash and cash equivalents^		478 772	332 304	40 381	161 342	(299 852)

Net debt		(60 861)	(139 867)	(100 753)	(6 380)	(396 541)
IN US CENTS
Headline earnings/(losses) per share		2	6	1	(19)	2
Underlying* earnings/(losses) per share		14	10	7	(6)	11
Basic earnings per share		1	7	6	21	1
Net asset value per share		293	288	298	297	404
Tangible net asset value per share		135	142	167	186	125
Distribution per share		–	7	–	165	4
IN SA CENTS
Distribution per share		–	100	–	2 300	60
RATIOS
Return on capital employed		6.4%	10.6%	5.9%	(2.7%)	6.6%
Return on invested capital		1.8%	5.2%	1.1%	(1.1%)	0.8%
Return on average shareholders' equity		4.7%	3.4%	2.3%	(1.5%)	2.7%
Net debt-to-equity ratio		0.10:1	0.24:1	0.16:1	0.01:1	0.46:1
Current ratio		1.1:1	1.2:1	1.2:1	1.3:1	1.1:1
EBITDA margin^∆		2.9%	3.8%‡	2.0%	0.7%	0.8%
Operating profit/(loss) margin^∆		1.2%	2.0%^‡	1.1%	(0.6%)	(0.6%)
Interest cover^∆		4.3	3.9^	2.7	1.0	1.7
Percentage change in SA Consumer Price Index		2.9	4.6	4.1	4.0	6.3

	2021	2020	2019	2018	2017
STOCK EXCHANGE PERFORMANCE
Total number of shares traded ('000)	71 719	128 887	174 397	202 681	145 093
Total number of shares traded on the JSE as a percentage of total shares in issue	35.6%	60.4%	72.7%	91.7%	68.8%
Total value of shares traded (R million)	1 810	4 405	4 132	10 340	6 953
Prices (cents)
Closing	2 577	3 060	3 150	2 500	5 458
High	3 615	3 797	3 300	6 499	5 848
Low	1 755	2 800	1 715	2 301	4 006
Market capitalisation (R million)	5 191	6 164	6 905	6 074	11 569
Adjusted for the special dividend of 2 300 cps in January 2018
Prices (cents)
Closing	2 577	3 060	3 150	2 500	3 158
High	3 615	3 797	3 300	4 199	3 548
Low	1 755	2 800	1 715	2 301	1 706
P/E ratio (underlying^* earnings) – adjusted prices	12	21	35	(34)	20
SHARES ISSUED
Issued (million) – excluding treasury shares and shares held by participants under deferred bonus plan	199	198	218	243	212
Weighted average (million)	199	210	238	216	211
EMPLOYEES
Number of employees at the end of the year – continuing operations^∆	9 939	10 924	10 130	8 616	7 659
Average number of employees^∆	10 432	10 527	9 373	8 138	7 429
Operating profit/(loss) per average employee (US$'000)^∆	5	8	5	(3)	(3)
Gross assets per employee (US$'000)^∆	281	238	269	309	455
EXCHANGE RATES
Rand/US$ statement of comprehensive income translation rate	16.5	14.7	13.6	13.0	14.2
Rand/US$ statement of financial position translation rate	15.1	15.6	13.9	11.8	13.0


Notes:
–	Tangible net asset value per share is calculated using net asset value exclusive of intangible assets, goodwill and capitalised development expenditure and the number of shares in issue (excluding shares held by participants under the deferred bonus plan and treasury shares) at the end of the financial period.
–	Return on capital employed is calculated using operating profit before goodwill, investment and intangible asset adjustment/impairment and the average of opening and closing capital employed. Capital employed is calculated using total shareholder funds plus all long-term liabilities including amounts owing to vendors of a long-term nature but excluding deferred tax liabilities, provisions and liability for share-based payments.
–	Return on invested capital is calculated using net operating profit after tax and average invested capital. Net operating profit after tax is calculated using operating profit before goodwill, investment and intangible asset adjustment/impairment to which amortisation of acquired intangible assets is added back, and is tax effected at the normalised effective tax rate. Invested capital is calculated using total shareholder funds plus long-term interest-bearing liabilities, short-term interest-bearing liabilities (excluding interest-bearing trade payables) and bank overdrafts less cash resources.
–	Return on average shareholders' equity is calculated using underlying* earnings and the average of opening and closing equity attributable to the equity holders of the parent.
–	Debt, for the purposes of the debt-to-equity ratio, includes all long-term interest-bearing liabilities and includes short-term interest-bearing liabilities (excluding interest-bearing trade payables) but excludes deferred tax liabilities, amounts owing to vendors and liability for share-based payments. Net debt includes bank overdrafts and cash resources.
–	The P/E ratio (price-earnings ratio) is calculated using underlying* earnings per share and the closing share price.
–	Ratios referring to operating profit use operating profit before goodwill, investment and intangible asset adjustment/impairment.
–	Interest cover is calculated using EBITDA and finance costs.
–	The SA Consumer Price Index is sourced from Statistics South Africa.
–	Detailed segmental information is set out in Note 37 of the Group consolidated annual financial statements of the Annual Report.
*	Excluding impairment of goodwill and intangible assets, profit or loss on sale of investments and assets, amortisation of acquired intangible assets, unrealised foreign exchange movements, acquisition-related adjustments, fair value movements on acquisition-related financial instruments, restructuring costs relating to fundamental reorganisations and the taxation effect on all of the aforementioned.
∆	Re-presented. The statement of comprehensive income for FY17 has been re-presented to show comparative results from continuing and discontinued operations. Only certain ratios which are related to the statement of comprehensive income only have been re-presented. Ratios which are affected by both the statement of comprehensive income and the statement of financial position have not been re-presented.
‡	FY20 revenue has been restated. Refer to Note 1 of the Group consolidated annual financial statements of the Annual Report.
^	The Group restated its statement of cash flows for FY20 to exclude certain bank overdrafts from cash and cash equivalents. Bank overdrafts that are repayable on demand under certain circumstances, but not unconditionally repayable on demand have now been excluded from cash and cash equivalents and cash flows associated with these bank overdrafts are now shown as cash flows from financing activities. The restatement relates to banking arrangements that form an integral part of the Group's cash management.